Your 10-second guide to today's Australian business confidence report

Later this morning the National Australia Bank (NAB) will release its November business survey, a closely watched release in regards to business sentiment, operating conditions and the outlook for employment.

Here’s the state of play.

The NAB survey is based on the responses of over 400 firms across Australia’s non-farm business sectors, and is generally conducted in the last week of each month.

Like other household sentiment surveys recently, the surveys confidence gauge slid 3 points to +2 in October, indicating that the honeymoon period for the Turnbull government may be already coming to an end.

The decline in confidence came despite the survey’s conditions index remaining steady at +9.

Analysts at the NAB noted that services industries continued to outperform, particularly when compared to the mining sector.

Subindices on trading and profitability came in at +16 and +8 respectively, although the forward orders subindex – a lead indicator for future levels of business – fell to -2 from +3 in September.

Encouragingly for the labour market outlook, the surveys gauge on employment held at +3 for a second consecutive month, constant with strength seen in other recent labour market indicators.

The NAB will release its November business report at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.

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